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Explain the business assets Withdrawal
Withdrawal (Drawing) is removal of business assets for personal use by owner. This transaction decreases the asset taken and value of the business.
Every transaction increases or decreases (or both) fundamental elements in accounting equation.
Effect of recording a business transaction should always leave the two sides of the accounting equation in balance.
explain the separate set of books method for maintaining joint venture accounts
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The operating expenses section Operating Expenses - directly associated to the sale of merchandise General expenses (administrative expenses) related to business's offic
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